83 FR 34276 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 139 (July 19, 2018)

Page Range		34276-34277
FR Document		2018-15380

Federal Register, Volume 83 Issue 139 (Thursday, July 19, 2018)

[Federal Register Volume 83, Number 139 (Thursday, July 19, 2018)]
[Notices]
[Pages 34276-34277]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-15380]


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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

Extension:
    Regulation AC; SEC File No. 270-517, OMB Control No. 3235-0575

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') has submitted to the Office of Management 
and Budget (``OMB'') a request for approval of extension of the 
previously approved collection of information provided for in 
Regulation Analyst Certification (``Regulation AC'') (17 CFR 242.500-
505), under the Securities Exchange Act of 1934 (15 U.S.C. 78a et 
seq.).
    Regulation AC requires that research reports published, circulated, 
or provided by a broker or dealer or covered person contain a statement 
attesting that the views expressed in each research report accurately 
reflect

[[Page 34277]]

the analyst's personal views and whether or not the research analyst 
received or will receive any compensation in connection with the views 
or recommendations expressed in the research report. Regulation AC also 
requires broker-dealers to, on a quarterly basis, make, keep, and 
maintain records of research analyst statements regarding whether the 
views expressed in public appearances accurately reflected the 
analyst's personal views, and whether any part of the analyst's 
compensation is related to the specific recommendations or views 
expressed in the public appearance. Regulation AC also requires that 
research prepared by foreign persons be presented to U.S. persons 
pursuant to Securities Exchange Act Rule 15a-6 and that broker-dealers 
notify associated persons if they would be covered by the regulation. 
Regulation AC excludes the news media from its coverage.
    The collections of information under Regulation AC are necessary to 
provide investors with information with which to determine the value of 
the research available to them. It is important for an investor to know 
whether an analyst may be biased with respect to securities or issuers 
that are the subject of a research report. Further, in evaluating a 
research report, it is reasonable for an investor to want to know about 
an analyst's compensation. Without the information collection, the 
purposes of Regulation AC could not be met. This regulation does not 
involve the collection of confidential information.
    The Commission estimates that Regulation AC imposes an aggregate 
annual time burden of approximately 25,844 hours on 5,186 respondents, 
or approximately 5 hours per respondent. The Commission estimates that 
the total annual internal cost of compliance for the 25,844 hours is 
approximately $12,452,349, or approximately $2,401 per respondent, 
annually.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information under the PRA unless it 
displays a currently valid OMB control number.
    The public may view background documentation for this information 
collection at the following website: www.reginfo.gov. Comments should 
be directed to: (i) Desk Officer for the Securities and Exchange 
Commission, Office of Information and Regulatory Affairs, Office of 
Management and Budget, Room 10102, New Executive Office Building, 
Washington, DC 20503, or by sending an email to: 
[email protected]; and (ii) Pamela Dyson, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Candace 
Kenner, 100 F Street NE, Washington, DC 20549, or by sending an email 
to: [email protected]. Comments must be submitted to OMB within 30 
days of this notice.

    Dated: July 13, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-15380 Filed 7-18-18; 8:45 am]
 BILLING CODE 8011-01-P

34276 Federal Register / Vol. 83, No. 139 / Thursday, July 19, 2018 / Notices

with the Capital Policy, is consistent market participant from either bidding Commission and any person, other than
with Rule 17Ad–22(e)(15)(ii).65 to become the Transferee or from those that may be withheld from the
applying for membership with the public in accordance with the
(B) Clearing Agency’s Statement on
Transferee. The proposal also would not provisions of 5 U.S.C. 552, will be
Burden on Competition
prohibit any Participant or Pledgee from available for website viewing and
DTC does not believe the proposal withdrawing from DTC prior to the printing in the Commission’s Public
would have any impact, or impose any Transfer Time, as is permitted under the Reference Room, 100 F Street NE,
burden, on competition not necessary or Rules today, or from applying for Washington, DC 20549 on official
appropriate in furtherance of the membership with the Transferee. business days between the hours of
purpose of the Act.66 The proposal Therefore, as the proposal would treat 10:00 a.m. and 3:00 p.m. Copies of the
would apply uniformly to all each similarly situated Participant and filing also will be available for
Participants and Pledgees. DTC does not Pledgee identically under the Wind- inspection and copying at the principal
anticipate that the proposal would affect down Plan and under the Proposed office of DTC and on DTCC’s website
its day-to-day operations under normal Wind-down Rule, DTC does not believe (http://dtcc.com/legal/sec-rule-
circumstances, or in the management of the Wind-down Plan or the proposed filings.aspx). All comments received
a typical Participant default scenario or Wind-down Rule would have any will be posted without change. Persons
non-default event. DTC is not proposing impact, or impose any burden, on submitting comments are cautioned that
to alter the standards or requirements competition. we do not redact or edit personal
for becoming or remaining a Participant identifying information from comment
or Pledgee, or otherwise using its (C) Clearing Agency’s Statement on submissions. You should submit only
services. DTC also does not propose to Comments on the Proposed Rule information that you wish to make
change its methodology for calculation Change Received From Members, available publicly. All submissions
of Participants Fund contributions. The Participants, or Others should refer to File Number SR–DTC–
proposal is intended to (1) address the While DTC has not solicited or 2017–021 and should be submitted on
risk of loss events and identify the tools received any written comments relating or before August 3, 2018.
and resources available to it to to this proposal, DTC has conducted For the Commission, by the Division of
withstand and recover from such events, outreach to its Members in order to Trading and Markets, pursuant to delegated
so that it can restore normal operations, provide them with notice of the authority.67
and (2) provide a framework for its proposal. DTC will notify the Eduardo A. Aleman,
orderly wind-down and the transfer of Commission of any written comments Assistant Secretary.
its business in the event those recovery received by DTC. [FR Doc. 2018–15363 Filed 7–18–18; 8:45 am]
tools do not restore DTC to financial
viability, as described herein. III. Solicitation of Comments BILLING CODE 8011–01–P

The R&W Plan and each of the Interested persons are invited to
Proposed Rules have been developed submit written data, views and SECURITIES AND EXCHANGE
and documented in order to satisfy arguments concerning the foregoing. COMMISSION
applicable regulatory requirements, as Comments may be submitted by any of
discussed above. the following methods: Submission for OMB Review;
With respect to the Recovery Plan, the Comment Request
proposal generally reflects DTC’s Electronic Comments
existing tools and existing internal • Use the Commission’s internet Upon Written Request, Copies Available
procedures. Existing tools that would comment form (http://www.sec.gov/ From: Securities and Exchange
have a direct impact on the rights, rules/sro.shtml); or Commission, Office of FOIA Services,
responsibilities or obligations of • Send an email to rule-comments@ 100 F Street NE, Washington, DC
Participants are reflected in the existing sec.gov. Please include File Number SR– 20549–2736
Rules or are proposed to be included in DTC–2017–021 on the subject line. Extension:
the Rules. Accordingly, the Recovery Regulation AC; SEC File No. 270–517,
Paper Comments
Plan and the proposed Force Majeure OMB Control No. 3235–0575
Rule are intended to provide a roadmap, • Send paper comments in triplicate
Notice is hereby given that pursuant
define the strategy and identify the tools to Secretary, Securities and Exchange
to the Paperwork Reduction Act of 1995
available to DTC in connection with its Commission, 100 F Street NE,
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
recovery efforts. By proposing to Washington, DC 20549–1090. Securities and Exchange Commission
enhance DTC’s existing internal All submissions should refer to File (‘‘Commission’’) has submitted to the
management and its regulatory Number SR–DTC–2017–021. This file Office of Management and Budget
compliance related to its recovery number should be included on the (‘‘OMB’’) a request for approval of
efforts, DTC does not believe the subject line if email is used. To help the extension of the previously approved
Recovery Plan or the proposed Force Commission process and review your collection of information provided for in
Majeure Rule would have any impact, or comments more efficiently, please use Regulation Analyst Certification
impose any burden, on competition. only one method. The Commission will (‘‘Regulation AC’’) (17 CFR 242.500–
With respect to the Wind-down Plan post all comments on the Commission’s 505), under the Securities Exchange Act
and the proposed Wind-down Rule, internet website (http://www.sec.gov/ of 1934 (15 U.S.C. 78a et seq.).
rules/sro.shtml). Copies of the
sradovich on DSK3GMQ082PROD with NOTICES

which facilitate the execution of the Regulation AC requires that research
Wind-down Plan, the proposal would submission, all subsequent reports published, circulated, or
operate to effect the transfer of all amendments, all written statements provided by a broker or dealer or
eligible Participants and Pledgees to the with respect to the Proposed Rule covered person contain a statement
Transferee, and would not prohibit any Change that are filed with the attesting that the views expressed in
Commission, and all written each research report accurately reflect
65 Id. communications relating to the
66 15 U.S.C. 78q–1(b)(3)(I). Proposed Rule Change between the 67 17 CFR 200.30–3(a)(12).

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Federal Register / Vol. 83, No. 139 / Thursday, July 19, 2018 / Notices 34277

the analyst’s personal views and Commission, c/o Candace Kenner, 100 F office of the Exchange, and at the
whether or not the research analyst Street NE, Washington, DC 20549, or by Commission’s Public Reference Room.
received or will receive any sending an email to: PRA_Mailbox@
II. Self-Regulatory Organization’s
compensation in connection with the sec.gov. Comments must be submitted to
Statement of the Purpose of, and
views or recommendations expressed in OMB within 30 days of this notice.
Statutory Basis for, the Proposed Rule
the research report. Regulation AC also Dated: July 13, 2018. Change
requires broker-dealers to, on a quarterly Eduardo A. Aleman,
basis, make, keep, and maintain records In its filing with the Commission, the
Assistant Secretary. self-regulatory organization included
of research analyst statements regarding
[FR Doc. 2018–15380 Filed 7–18–18; 8:45 am] statements concerning the purpose of
whether the views expressed in public
appearances accurately reflected the BILLING CODE 8011–01–P and basis for the proposed rule change
analyst’s personal views, and whether and discussed any comments it received
any part of the analyst’s compensation on the proposed rule change. The text
is related to the specific SECURITIES AND EXCHANGE of these statement may be examined at
recommendations or views expressed in COMMISSION the places specified in Item IV below.
the public appearance. Regulation AC [Release No. 34–83634; File No. SR–IEX– The self-regulatory organization has
also requires that research prepared by 2018–15] prepared summaries, set forth in
foreign persons be presented to U.S. Sections A, B, and C below, of the most
persons pursuant to Securities Exchange Self-Regulatory Organizations; significant aspects of such statements.
Act Rule 15a–6 and that broker-dealers Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of A. Self-Regulatory Organization’s
notify associated persons if they would Statement of the Purpose of, and the
be covered by the regulation. Regulation Proposed Rule Change To Discontinue
the Router Basic Routing Option Statutory Basis for, the Proposed Rule
AC excludes the news media from its Change
coverage. July 13, 2018.
The collections of information under 1. Purpose
Pursuant to Section 19(b)(1) 1 of the
Regulation AC are necessary to provide The purpose of this proposed rule
Securities Exchange Act of 1934 (the
investors with information with which change is to amend Rule 11.230(c)
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
to determine the value of the research (Routing Options) to delete references to
notice is hereby given that, on July 10,
available to them. It is important for an the Router Basic routing option. The
2018, the Investors Exchange LLC
investor to know whether an analyst Exchange currently offers two routing
(‘‘IEX’’ or the ‘‘Exchange’’) filed with the
may be biased with respect to securities options—Router and Router Basic—
Securities and Exchange Commission
or issuers that are the subject of a which may be elected by a User upon
(the ‘‘Commission’’) the proposed rule
research report. Further, in evaluating a entry of an order eligible for routing to
change as described in Items I, II and III
research report, it is reasonable for an the Exchange.8 The Exchange proposes
below, which Items have been prepared
investor to want to know about an to discontinue the Router Basic option.
by the self-regulatory organization. The
analyst’s compensation. Without the Rule 11.230(c)(1) describes the
information collection, the purposes of Commission is publishing this notice to
solicit comments on the proposed rule Exchange’s Router Basic routing option
Regulation AC could not be met. This under which the System 9 sends
regulation does not involve the change from interested persons.
routable orders to market centers on the
collection of confidential information. I. Self-Regulatory Organization’s Exchange’s proprietary System routing
The Commission estimates that Statement of the Terms of Substance of table.10 If shares remain unexecuted
Regulation AC imposes an aggregate the Proposed Rule Change after routing, they are posted on the
annual time burden of approximately Order Book or canceled, as per User
Pursuant to the provisions of Section
25,844 hours on 5,186 respondents, or instructions. Once posted to the Order
19(b)(1) under the Securities Exchange
approximately 5 hours per respondent. Book, the unexecuted portion of such an
Act of 1934 (‘‘Act’’),4 and Rule 19b–4
The Commission estimates that the total order is eligible for the re-sweep
thereunder,5 Investors Exchange LLC
annual internal cost of compliance for behavior described in Rule 11.230(c)(3),
(‘‘IEX’’ or ‘‘Exchange’’) is filing with the
the 25,844 hours is approximately market conditions permitting.
$12,452,349, or approximately $2,401 Securities and Exchange Commission
(‘‘Commission’’) a proposed rule change Furthermore, Rule 11.230(c)(2)
per respondent, annually. describes the Exchange’s Router routing
An agency may not conduct or to amend Rule 11.230(c) (Routing
Options) to discontinue the Router Basic option under which the System sends
sponsor, and a person is not required to routable orders to the Order Book to
respond to, a collection of information routing option and delete references
thereto. The Exchange has designated check for available shares and then any
under the PRA unless it displays a remainder is sent to market centers on
currently valid OMB control number. this rule change as ‘‘non-controversial’’
the Exchange’s proprietary System
The public may view background under Section 19(b)(3)(A) of the Act 6
routing table. If shares remain
documentation for this information and provided the Commission with the
unexecuted after routing, they are
collection at the following website: notice required by Rule 19b–4(f)(6)
www.reginfo.gov. Comments should be thereunder.7 8 See standard FIX tag 18 (ExecInst) in the

directed to: (i) Desk Officer for the The text of the proposed rule change Investors Exchange FIX Specification, available on
Securities and Exchange Commission, is available at the Exchange’s website at the Exchange’s public website.
Office of Information and Regulatory www.iextrading.com, at the principal 9 See Rule 1.160(nn).
sradovich on DSK3GMQ082PROD with NOTICES

10 See Rule 11.230(c). The term ‘‘System routing
Affairs, Office of Management and 1 15 table’’ refers to the proprietary process for
U.S.C. 78s(b)(1).
Budget, Room 10102, New Executive 2 15 determining the specific trading venues, including
U.S.C. 78a.
Office Building, Washington, DC 20503, 3 17 CFR 240.19b–4. the Order Book, to which the System routes orders
or by sending an email to: Shagufta_ 4 15 U.S.C. 78s(b)(1).
and the order in which it routes them. The
Exchange reserves the right to maintain a different
Ahmed@omb.eop.gov; and (ii) Pamela 5 17 CFR 240.19b–4.
System routing table for different routing options
Dyson, Director/Chief Information 6 15 U.S.C. 78s(b)(3)(A).
and to modify the System routing table at any time
Officer, Securities and Exchange 7 17 CFR 240.19b–4. without notice.

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Document Created: 2018-07-19 01:35:09
Document Modified: 2018-07-19 01:35:09

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		83 FR 34276